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360X-Ray #1

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Marked by a strong culture of secrecy, Luxembourg is full of well-hidden assets and discreet heroes.
Our 360X-Ray series will explore entities such as LHoft, Luxinnovation, LFF, Technoport, etc in details to unearth today's champions and highlight the potential drivers of tomorrow's economy.
Here is our analysis of the Luxembourg House of Fintech: LHoft.

Sources, Statuts (L170061038) + Bilan 2021 (L220098752)


- Email exchanges with Nasir Zubairi, CEO. Thank you Nasir. This helped a lot. 


Key information

Foundation : March 2017

Status : Foundation (Not for profit)

RCS : G239

Object : "The foundation aims to promote, encourage and support the development of innovative technologies in the field of finance".

Initial endowment: €250,000 from LFF. (

Key figures as of 31/12/2021

  • Public money: 1.300.000€   

  • Net turnover : 776 452€

  • Other operating income :                              

    • Public contribution : 1.300.000€

    • Leader Circle fees : 700.000€

    • Associate partners : 60.000€

    • Sponsorship : 3.500€

    • Membership fees : 44.000€

Total : 2 107 500€

  • Total Income : 2 883 952 

  • Total expenses : 2 778 387

  • Profit : 105 565

  • Profit: 1.796€ after value adjustment 


as indicated in the 2021 balance sheet


The "Cash at bank and in hand" of €1,796,339 and "profit brought forward" of €1,912,489 seem very high for a foundation.

N.b: Nasir shared with us that in 2023, the budget approaches €4 million. 


The Board of Directors comprises :

- 3 directors to be nominated by the government

- 1 director to be nominated by LFF

- 1 director to be nominated by the Chamber of Commerce

- 1 director to be appointed by the federation of financial sector professionals (PROFIL)

- Up to 13 directors to be co-opted by the existing directors

Total: 19 Board members

Leadership Circle

Unsurprisingly, the 12 companies represented in the Leadership Circle are sitting on the Board in exchange for their combined €700,000 sponsorship.

A total 18 members sit on the Board as of 4 April 2023:



The public-private partnership that financed €2 millions in 2021 (65% public, 35% private) to facilitate the LHoft's operations can be praised, but it is regrettable that the governance is very lobbyist, which limits LHoft's freedom to act.

No small Fintech or investor are represented on the Board, for example. And there is a 19th seat available.

This Governance demonstrates that the object indicated in the Status "to encourage and support the development of innovative technologies in the field of finance" needs to be understood from a Big Bank / Big Tech perspective so far.

Ecosystem analysis

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We are preparing a full research about all the companies on this map: year of creation  - Category -  Headquarter – Profit/loss 2021 – Funds raised - # employees - Short description – website - Short analysis

Our ambition remains the same: to put the true heroes of our economy in the spotlight, and believe us, there are many heroes on this map.


Discover the results of this work in the upcoming and

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